Why it’s im­por­tant to get list price right

The price is the sin­gle most im­por­tant item buy­ers look at, so best to get it right.

Stanthorpe Border Post - - REAL ESTATE | INDUSTRY NEWS -

SET­TING a price for your prop­erty can be a tricky ex­er­cise and it is rec­om­mended that you lis­ten care­fully to your agent, who should be able to sup­port their rec­om­mended price with facts.

When a prop­erty is listed for sale your agent should present ex­am­ples of re­cent sim­i­lar sales to help nar­row down the price range.

The more ac­cu­rate the price the bet­ter your chances for a timely sale. The last thing you want is your prop­erty lan­guish­ing on the mar­ket for months, grow­ing ever more stale by the day.

An REIQ-ac­cred­ited agent will present you with a com­par­a­tive mar­ket anal­y­sis (CMA) which will in­form you and help you both to come up with a com­pet­i­tive list­ing price to­gether. Real es­tate is not an ex­act sci­ence and no one re­ally knows how much the prop­erty is go­ing to sell for, but an ex­pe­ri­enced agent can tell you when the price is not even in the ball­park.

Many first-time sell­ers fall into the trap of in­creas­ing the price above rec­om­mended lev­els, ar­gu­ing that they can al­ways re­duce the price later.

That is a fair ar­gu­ment, but if you go too far above the ac­cept­able range buy­ers will re­ject your home and look for bet­ter per­ceived value else­where.

Sell­ers some­times say to me they have been on the mar­ket for six months and have had lit­tle or no in­ter­est from buy­ers. Many of us in the busi­ness would re­spond, "You may be on the mar­ket, but you are not in the mar­ket."

A well-priced prop­erty that is mar­keted prop­erly, even in a tough mar­ket like Townsville, should sell in 30 to 60 days.

Sell­ers tell me "I’m not go­ing to give the home away". For the record, in 38 years I have never known an agent to give a home away.

Work with your agent. When they come to you (as they should on a very reg­u­lar ba­sis) to talk about price re­duc­tion it is wise to take their ad­vice and ad­just your sale price to avoid your prop­erty "dy­ing on the vine" so to speak.

Good agents tell you the truth and back sup­port their rec­om­men­da­tions with solid ev­i­dence.

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